China’s Response, U.S. Steak Victory, ECB Goal Review: Eco Day

(Bloomberg) --

Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• After President Donald Trump signed bills backing Hong Kong’s protesters, the big question is now how China may hit back
• The U.S. moved a step closer to gaining greater access to the European Union beef market, an economic win for American farmers suffering from global tariff wars induced by Trump’s protectionism

• European Central Bank policy makers expect to tweak their inflation target in an upcoming review of their strategy but will struggle to go much further than that, according to officials with knowledge of the matter

  • Meanwhile, economic confidence in the euro area improved more than forecast this month, adding to signs the region might be through the worst of its recent slump
• A leading U.K. think tank offered a damning analysis of both the Conservatives’ and Labour’s election pledges, and warned voters to expect higher taxes than either party has outlined
  • Staying in Britain, house prices increased at their fastest pace in more than a year this month, according to Nationwide Building Society
• During five years as EU trade chief, Cecilia Malmstrom reached deals to expand more than 295 billion euros ($325 billion) of the bloc’s commerce with the rest of the world -- no small feat amid Trump’s protectionist challenge. Now she’s stepping down
• Global trade will shrink through the end of the year as countries around the world continue to grapple with a manufacturing-led slowdown, according to a fresh reading of an index from freight giant DHL
• Food prices are climbing fast in the world’s biggest emerging markets, posing a possible inflation threat after months of dormant pressures

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Zoe Schneeweiss

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